In a report published Thursday, Sterne Agee analyst Alex Kurtz reiterated a Buy rating on Cisco Systems CSCO, and raised the price target from $26.00 to $28.00.
In the report, Sterne Agee noted, “A challenging quarter as APJC product orders (down 3%) and other Emerging Markets saw inconsistent results despite broad U.S. strength (up 5%). That said, guidance and the outlook were mostly unchanged and we continue to view Cisco as a share gainer (servers) and targeted acquirer of key assets (Sourcefire), all of which should re-accelerate momentum once these regions recover. Higher net cash leads to a new price target of $28 ($26).”
Cisco Systems closed on Wednesday at $26.38.
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